As we all are that the refund of unutilized Input tax credit of inverted duty (ITC) under GST is dealt under Section 54(3) (ii). In terms of Section 54(3) of Central Goods and Service Tax (CGST Act, 2017) refund of unutilized input tax credit shall be allowed only in two cases as mentioned below; 1. […]
In the landmark judgement the Hon’ble Supreme Court of India allowed the appeal of the South Indian Bank by settling the long drawn battle between the assessee and the department on whether proportionate disallowance of interest paid by the banks is called for under section 14A of the Income Tax Act for investments made in tax free bonds/securities which yield tax free dividend and interest of assesse Banks when assesse had sufficient interest free own fund which were more than the investments made.
Accumulation of Input Tax Credit happens when the tax paid on inputs is more than the output tax liability. Such accumulation will have to be carried over to the next financial year till such time as it can be utilised by the registered person for payment of output tax liability. However, the GST Law permits […]
Summary of some key decisions of the Hon’ble Supreme Court of India has been provided below. Arbitration Possible view by Arbitral Tribunal on construction of contractual terms cannot be substituted by High Court under Section 37(1)(c) of Arbitration Act The Supreme Court has discussed and summarised the principles applicable to a Court’s interference with an […]
In the recent past, a few companies like Syngenta India Limited, Atlas Copco, etc. have, after their delisting from the stock exchanges, followed the Sec 66 of Companies Act, 2013 route to selectively reduce their non-promoter capital and provide a means of exit to minority shareholders.[1] Sec 66 allows a company to distinguish between shareholders […]
आपको ध्यान होगा हम पहले शेयरों की ट्रेडिंग भौतिक रूप में करते थे. हमें न केवल शेयर सर्टिफ़िकेट सम्हाल कर रखने पड़ते थे बल्कि इसके ट्रांसफर के लिए समय और अधिक पैसे स्टाम्प फीस के रूप में खर्च होते थे. शेयर गुमने, फटने और खराब हो जाने का डर अलग. साथ ही खरीद बेच के […]
We often come across with cases where there has been double taxation on the same income both from source and resident countries. Typically from an India tax perspective, in case of ‘resident and ordinarily resident’ (ROR) having investments abroad, this scenario is quite common. In order to mitigate such double taxation implications, Section 90 of […]
The Reserve Bank has recently introduced an online application i.e., FIRMS (Foreign Investment Reporting and Management System), which provides the reporting of 9 forms for foreign investment including FC-GPR, FC-TRS, LLP-I, LLP-II, CN, DRR, ESOP, DI and InVi in single form i.e., SMF (Single Master Form). The same can be accessed on FIRMS website i.e. […]
Today, let’s recapitulate what the GST law says in a nutshell, about persons not liable for registration under GST. Section 23 of the CGST Act 2017, speaks about Persons Not liable for registration under GST. The list includes the following persons, S.No Particulars Relevant Section / Notification 1. Persons engaged exclusively in supplying goods and […]
1. Can Composition Dealer purchase Scrap/Used vehicles from Unregistered Dealers? RCM on these purchases applicable or not? 2. Any RCM exemption limit amount for purchase of Scrap and Used vehicles from unregistered dealers?
